Chevron Corp. (NYSE: CVX) Shares Are Heading Higher

In the last trading session, 6.28 million shares of the Chevron Corp. (NYSE:CVX) were traded, and its beta was 1.12. Most recently the company’s share price was $159.08, and it changed around $1.34 or 0.85% from the last close, which brings the market valuation of the company to $295.45B. CVX currently trades at a discount to its 52-week high of $172.88, offering almost -8.67% off that amount. The share price’s 52-week low was $139.62, which indicates that the current value has risen by an impressive 12.23% since then. We note from Chevron Corp.’s average daily trading volume that its 10-day average is 8.62 million shares, with the 3-month average coming to 8.76 million.

Chevron Corp. stock received a consensus recommendation rating of Buy, based on a mean score of 1.80. If we narrow it down even further, the data shows that 1 out of 24 analysts rate the stock as a Sell; another 6 rate it as Overweight. Among the rest, 7 recommended CVX as a Hold, whereas 10 deemed it a Buy, and 0 rated it as Underweight. Chevron Corp. is expected to report earnings per share of $3.03 for the current quarter.

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Chevron Corp. (NYSE:CVX) trade information

Instantly CVX has showed a green trend with a performance of 0.85% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 6.65% year-to-date, but still up 2.86% over the last five days. On the other hand, Chevron Corp. (NYSE:CVX) is 4.65% up in the 30-day period. We can see from the shorts that 51.81 million shares have been sold at a short interest cover period of 5.64 day(s).

The consensus price target as assigned by Wall Street analysts is $174.59, which translates to bulls needing to increase their stock price by 8.88% from its current value. Analyst projections state that CVX is forecast to be at a low of $120 and a high of $212.

Chevron Corp. (CVX) estimates and forecasts

Chevron Corp. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -6.75 percent over the past six months and at a -0.69% annual growth rate that is well below the industry average of 2.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -14.60% in revenue this quarter, and will report a decrease of -2.30% in the next quarter. The year-over-year growth rate is expected to be 5.70%, up from the previous year.

Consensus estimates provided by 7 financial analysts predict the company will bring in an average of $50.8 billion in revenue for the current quarter. 7 analysts expect Chevron Corp. to make $50.38 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $50.79 billion and $48.9 billion respectively. Forecasts for the next quarter put sales growth at 3.00%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 7.97%. Chevron Corp. earnings are expected to increase by -4.30% in 2024, but the outlook is negative -5.00% per year for the next five years.

CVX Dividends

Chevron Corp.’s next quarterly earnings report is expected to be released around April 26 and April 30. The annual dividend yield of the stock is 3.87 percent and its annual dividend per share was 6.16. It is important to note, however, that the 3.87% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Chevron Corp. (NYSE:CVX)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 6.82% of Chevron Corp. shares, and 66.61% of them are in the hands of institutional investors. The stock currently has a share float of 71.48%. Chevron Corp. stock is held by 4,108 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 8.65% of the shares, which is about 161.47 million shares worth $25.41 billion.

Blackrock Inc., with 6.68% or 124.71 million shares worth $19.62 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Select Sector SPDR Fund-Energy Select were the top two Mutual Funds as of Jun 29, 2023. The former held 56.12 million shares worth $8.83 billion, making up 3.01% of all outstanding shares. On the other hand, Select Sector SPDR Fund-Energy Select held roughly 43.21 million shares worth around $6.96 billion, which represents about 2.31% of the total shares outstanding.